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CNBC
Mar 22, 2013 3:00pm EDT
trillion of dollars in tax revenue over the next 20 years. there's opportunity to generate millions of additional jobs. >> well, believe it or not, joining us right now is former nfl quarterback drew bledsoe. he's an investor in a company called ecosphere, which is making a big bet on fracking, and more specifically, drew, it's about the cleaning of the water that's used in the fracking process. it's an environmentally clean process, which has a lot of people worried about the impact fracking has on the environment. this is a possible solution, i guess, yes? >> it is, exactly. i help lead an investment group and funded some brilliant scientists down in florida actually a few years ago. our technology uses no chemicals. we actually in the past since 2008, we've cleaned over 2.8 billion gallons of water, which has eliminated 1.3 million gallons of chemicals. we allow these companies to, first of all, clean the water before they use it the first time, and then also recycle it and reuse it in their process. so we're closing the loop for these responsible companies. >> what about, drew, the
CNBC
Mar 19, 2013 3:00pm EDT
look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to run higher. >> and don't worry, we will bust his chops a
CNBC
Mar 18, 2013 3:00pm EDT
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle whit
CNBC
Mar 21, 2013 3:00pm EDT
originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in a new bank, in the new bank that will hopefully over time give them money or the wind-down of the assets of the old bank, the bad bank will pay them off over time. that's the situation. the employees are angry because they're worried they're going to lose their jobs. it's quite possible, because once you have two banks come together, what do you do? you get rid of branches, you have synergies in employment as the institution merges the together. the employees here are very, very angry about what they've heard. >> it's not the family. it's germany and other countries. they are not our friends. >> you want to leave the euro? >> yeah, of course. >> we are angry and
CNBC
Mar 20, 2013 3:00pm EDT
more restrictive. how much of a drag on growth do you see from the social security tax increase and the cross the board spending cuts that went into effect on march 1st? and is it possible that the fed might see a need to provide more support to the economy, if that -- because of that drag, the drag on fiscal. >> well, our analysis is fairly comparable to analysis that congressional budget office as presented to the congress. and they estimate that putting together all the fiscal measures, including the fiscal cliff deal, the sequester, and other cuts, that federal fiscal restraint in 2013 is cutting something like 1.5 percentage points off of growth. which, of course, is very significant. so that is an issue for us. we -- you know, we take as given what the fiscal authorities are doing. the economy is weaker, job creation is slower than it would be otherwise. and so that is one of the reasons that our policy has been as aggressive as it is. that being said, as i've said many times, monetary policy cannot offset a fiscal restraint of that magnitude. and so the final outcome will be
CNBC
Mar 26, 2013 3:00pm EDT
already effectively taxed. so the answer to this problem is not a new tax and it will eventually get passed on to the consumer. but big banks should worry. a vote in the senate does show that there is moment. >> bart, you're in the camp that says we should break up the big banks, that there is a thing, too big to fail. but what's too big? where's the watermark? at what point is that bank too big to fail? and who should decide that? >> it's a good question and does need to be studied. banks have been closed up $250 billion in assets. we roughly have five banks that are more than $500 billion in assets. it's the big five. and clearly they need to be broken up. we have a major taxpayer subsidy that we shelled out four years ago, five years ago, in terms of the bailout itself. we also now have too big to jail, with companies such as hspc, laundering over $200 trillion of money without any real penalty. >> but i think we should be skeptical of washington, because a few days before dodd/frank was signed into law, secretary geithner said this bill is too big to fail. we're figuring out now,
CNBC
Mar 22, 2013 4:00pm EDT
-called dow theory. >>> and then, online shoppers, beware. you may get slapped with a new internet tax being handed down from capitol hill. that story, just ahead. >>> and later, giving new meaning to the term zombie economy. >> they see you as killers. they're training to attack. >> i'll tell you what, next time you see phillip, you tell him i'm going to take his other eye. >> the creator of "the walking dead," robert kirkman, attributes part of his show's success to the financial crisis. kirkman will join me later to explain. you're watching the "closing bell" on cnbc, first in business, worldwide. [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so muc
FOX Business
Mar 25, 2013 3:00pm EDT
consequence to a higher gdp ratio and more pressure in terms of higher tax burdens in the future. those concerns come out of the proper management and current conditions seems to me to be a larger concern for the long run and the concern that somehow unstable policy starting from where we are now will stunt the opportunities that are open. obviously starting at a different place, i would reach a different judgment, but starting with the united states for much of europe or the industrialized world is today seems to me the risks of profound stagnation are more pressing concern than the risks of a resurrection of stagnation. >> i am not a gold freak, the work unhappiness to which it is sitting in the front row strikes me as extremely relevant. this being said, again from engineering, it is very hard to see how europe is going to get out of its fiscal mess in particular. maintaining some substantial goals in the two decades and so i think we have to focus the policies which increase gold in europe. at which point we can have another meeting. >> the final word. >> suppose you had a ch
CNBC
Mar 19, 2013 4:00pm EDT
of cyprus a recipe for other economies in terms of that whole business, in terms of taxing depositors, and we know that we continue to have issues in terms of the debt crisis. we are not, necessarily, seeing solutions there. >> i think you see -- if that fear were true, you would see it reflected in the peripheral european countries. i think they mark scyprus as a special case. >> mark, how are you investing at this point? you've got $54 million under management there. you've been bullish. do you want to put new money to work here, even though the market is up 10% year-to-date? >> short answer, yes, maria. the fact of the matter is, we think the fundamental underpinnings, particularly domestically, continue to be encouraging, and we're encouraging investors as a result of some of the volatility we've had in non-u.s. equity markets, to begin the scale-in there as well, because we think valuations are even more attractive. but i do think this cypresicyprg could be a big deal. the precedent it could set relative to marketdowns of small account deposits in other peripheral coun
FOX Business
Mar 18, 2013 3:00pm EDT
have been falling in global selloff in response to cypress' plan for a deposit tax. now it seems like we're shrugging off those headlines. now, shares of hewlett-packard and verizon are helping the dow recover some grounds after upgrades from morgan stanley. verizon actually hitting more than an 11.5-year high today. there's the stock, up 87 cents, 48.89, as you can see on your screen. we're not getting any help from financials today. it's the worst performing sector following suit with some of these european banking counterparts. check out some of these euro financial names that are actually trading here in this country. they're getting knocked down. royal bank of scotland, create suisse, deutsche bank, ubs, war clays, all -- barclays, all of these stocks substantially lower in this country. s&p 500, we are still within striking distance of the record high despite moving lower today, the s&p down more than almost five points as you can see on your screen. is it going to happen this week? are we going to get that big number? we're looking for 1565.15. so close. as always. let's g
CNBC
Mar 18, 2013 4:00pm EDT
depositors are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their ba
FOX Business
Mar 19, 2013 3:00pm EDT
are trying to make a comeback in this final 60 minutes. after cypress rejects the tax on bank deposits, at its high, get this, the dow up more than 62 points today before making a 132-point swing to the downside. there's the dow. right now, down 24 points, a lot can happen in the last hour. a lot has happened during this session today. taking a look at the s&p. the s&p is moving further away from that record closing high, trying to get there, can't get there. the dow and s&p at this point on track of the first three day losing streak of 20 # 13 of the year. 1544 and 1565.15. we want to see on the s&p. two companies weigh on the s&p today. e lek tropic arts whose ceo stepped down after lowering guidance for the upcoming quarter, and cliff natural resources after goldman's lower iron ore outlook hurts, both big performers in 2012, both stocks down substantially right now. we got data today, more data, on housing, and the housing recovery is moving forward as construction picks up. the good news coming out today, helping to lift markets, at least earlier op in the day, so a lot of informa
FOX Business
Mar 21, 2013 3:00pm EDT
westin unit locations and also allow them -- i give you an example. jesus to give the tax refunds -- choose us to give that tax returns and let the cardholder's then can use cash. >> reporter: one of the things you take advantage of is that trust factor. people still distressed credit card and mobile technology, and you're able to leverage that. >> a system which the people can go online shopping endo use their cards and go to western union location, pay cash to get their goods. >> reporter: you just came in from the sea and air headed to munich and then going to is ten boat. in every place around the globe. overall picture? >> our perception of overall, it's getting better, would not say that that is a big turnaround. it is still challenging. this service industry is getting better. the construction industry is getting a little bit better. the u.s. is a very good position. europe is still of the challenging position, democratic issues. it's challenging in europe and russia and japan, but i would say that is better -- i'm cautiously optimistic. >> reporter: we like that. earnings
FOX Business
Mar 20, 2013 3:00pm EDT
concerns about the tax the banks may have, uncertainties about regulations which we are working on to get done as quickly as possible may have tightened the mortgage credit box more than would be desirable in the long run help the eeonomy. that has effect on my trade policy, one of the more powerful tools we have is in a state of home buying and related indust industry, so that is an issue we take into account. i would say one thing, as the housing industry has strengthened, home prices have gone up, that has brought some people into the credit box in the sense the number of people who are underwater in their mortgages is declining as house prices go up. so if people have bigger down payment, bigger equity in their homes, they become more creditworthy. i don't want to overstate it, but monetary policy by strengthening the housing market, helping support house prices is bringing more people into the mortgage market. >> peter barnes of fox business, sir. the stock market has been hitting all-time highs, it has recovered all of its losses from the financial crisis, just wants to know if
CNBC
Mar 20, 2013 4:00pm EDT
bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fund. cash in the pension fund used now and promising to pay the workers later. but their european partners said, no, that's not going to work, because all you're going to do is defer liabilities. it doesn't help your debt profile. so we don't like that. now they're working on plan "c." the question is, what is that? here's the very latest, the bank holiday, as a result of all of this indecision and inaction has been extended and now it looks like the banks will not open until tuesday of next week, a full week without the banking system operating. the minister of finance is in russia, trying to square away a deal there. we haven't had any good results from there. and then very, very worrisome, a member of the ecb talking even tougher late today, suggesting that if they don't come up with a deal
FOX Business
Mar 22, 2013 3:00pm EDT
saying that a tax or levy would be about 100 30,000 dollars or more. protesters outside the parliament, they are angry about possibly losing her job, about not having any money. about wondering where their country is going. which is also what you also know of the european union and global in global markets. watching very closely this tiny island nation. as you noted, monday is the deadline. come up with a plan where eu says otherwise. connell: a live report from cyprus. we are going to continue our coverage and ramp it up on the fox business network. an important deadline in place. charlie gasparino is with us now. in general, smart money apparently is not filing for bankruptcy. >> there is a cyprus connection. about $20 billion is going to be hitting this. at the lehman brothers is going to be paying off its creditors. there is a lot of money going to traders that specialize in where they are putting the money. doing a lot of reporting on this, one municipal bond. west virginia tobacco bonds, these are bonds that are payment on maturity. now, again you can buy them at significantly be
CNBC
Mar 21, 2013 4:00pm EDT
prices in some areas. and easing material costs. they also benefited from a lower tax rate, maria, and one of the things folks are watching, their futures, these are pending orders, they're up 6%. the estimate had been for them to be up 5%. they'll have a conference call at about 5:00 eastern. back to you. >> we will be watching. thanks so much, bertha. is now the time to jump back into gold? you just heard jim grant talk about it. the precious metal hitting a high. a lot of money that's in stocks right now will be headed into gold, says dennis gartman. >>> and later, what's happening in washington and how is that affecting farms? tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 un
Search Results 0 to 16 of about 17